Lisa Pollina of Chicago, IL looks out at the view of Detroit from the 13th floor of Michigan Central Station in Detroit on Wednesday September 13, 2017 during Crain's Detroit Homecoming IV event Ryan Garza, Detroit Free Press

DETROIT — The long-vacant Michigan Central Station, which for years was a signature eyesore symbolizing Detroit's decay, will be revitalized by Ford Motor as the hub of a new campus focused on advanced automotive technology.

Matthew Moroun, whose family enterprise has owned the station since 1996, announced the sale Monday morning in front of the historic structure in Detroit's Corktown neighborhood.

Ford said it would reveal details about its plans for the site at a media event June 19.

"The deal is complete," Moroun said. "The future of the depot is assured. The next steward of the building is the right one for its future. The depot will become a shiny symbol of Detroit's progress and its success.

"The Ford Motor Company's Blue Oval will adorn the building."

Sale of the station has been expected since mid-March, when word of Ford's interest leaked out. Though patriarch Manuel "Matty" Moroun is known as a tough negotiator who hangs onto properties, the process appeared to move forward steadily.

A smiling Matthew Moroun says the historic train station is still here, not demolished, because of his family’s vision for it over the years. #freeppic.twitter.com/HwXQ6NPvJn

Matthew, Matty's son, said the "golden opportunity" for the building's rebirth was proposed to him in October. He characterized negotiations with Ford as respectful.

Last month, the Detroit Free Press, part of the USA TODAY Network, reported that the Morouns had transferred ownership of the 18-story building and a nearby former Detroit schools book storage building to companies set up by a New York law firm with ties to Ford.

Ford recently transferred about 200 members of its mobility team into a former factory site in Corktown and is reported to be interested in multiple other parcels in the district.

The Beaux Arts-style station opened in 1913.

"Michigan Central Railroad was a subsidiary of the New York Central Railroad, which was owned by rail tycoon William Vanderbilt," local building historian Dan Austin wrote for historicdetroit.org. "For the new station and office building — one fitting for the growing city it served — the railroad turned to the architects Warren & Wetmore of New York and Reed & Stem of St. Paul, Minn. The architectural firms had teamed up on the Grand Central Terminal in New York."

The station was a beating heart for the city through wars and 20th century prosperity, but declined with the city and reduced rail travel, finally closing in 1988.

Under the Morouns' ownership, it fell into disrepair and was the target of vandals, urban explorers and "ruin porn" photographers.

In 2009, the took steps toward demolition, but, Austin wrote, "the plan was fraught with trouble over the building’s placement on the National Register of Historic Places and more dire needs for the money."

Finally, in 2014-15, the Morouns moved to replaced broken windows and make other repairs.

Matthew Moroun said that as the city emerged from bankruptcy and redevelopment gained steam, he was sure the building would be redeveloped.

"The ideas and opportunities pitched to us started as far-fetched ones like aquariums, beer halls, and vertical farming," he said.

To summarize, Ford bought the abandoned Detroit depot and the neighboring book depository building depository from the Morouns. Price was not disclosed. “The deal is complete” pic.twitter.com/6RAgYt8HFx